>>1592407If we were operating on a land value tax, most parking lots would disappear over night.
Parking is a big commodity in Detroit specifically because they have all four pro teams downtown, and all of the concerts happen there too. So every time anything is happening, there are tons of cars that need to be parked.
So yeah, why not sit on your lot that's pulling in a few million every year? You can literally just sit on it and wait for other owners to sell off their lots as the price goes up. There's not a lot of incentive to build or to sell to a developer.
